That is a good price.
The bench grinder is the 'wide body' Block style grinder and 3/4-HP is plenty stout for most any home shop. I'd bet that the body, and wheel guards & covers are cast aluminum. It is probably a dual voltage grinder, also. These can sell for $70 and more. Be sure to ask for the side covers and the quench/water tray that 'hangs' from the front hole.
"A point of clarification. Sears sold many "block motor" designed grinders from several manufacturers, but the block design must be considered secondary. Of primary concern is the manufacturer. The best engineered, most durable, and desirable "Block Motor" grinders were made by Paramount/Allegretti & Co. These grinders have the 397 or 257 serial number prefixes."
"People always want to know what makes these things so special; here's the reason. Look at those field windings. That is some VERY thick copper wire. When compared to a modern Chinese winding, these look GIGANTIC. The imports use very thin field wire. This is what makes these "block motors" so darn powerful and long lasting." - quote source available upon request. PM me for details.
The bench looks good, but I know much less about it.
The vise could be one made by Columbia, it looks like the small one in my basement.
I don't think you can go wrong.
Forgive me, I just noticed you are new to the forum - Welcome!
There's a thread dedicated to those bench grinders: 'let's see your craftsman block grinders'.
http://www.garagejournal.com/forum/showthread.php?t=157794
With over 9,000 posts, it is very active and probably near impossible to take in all at once. If you have questions about these Block grinders, see the links in my signature line.
Good luck.
